Newport Beach, CA – SRS Real Estate Partners’ National Net Lease Group (NNLG) announced today it has completed the portfolio sale of three retail properties totaling $17.3 million that are outparcels to French Valley Marketplace located at 35958 Winchester Road in French Valley, CA. French Valley is located in the Inland Empire market of Southern California in southwestern Riverside County, near the cities of Murrieta and Temecula.
The three properties included Grocery Outlet, Rite Aid, and a two-tenant asset that included Chipotle and Quick Quack Car Wash.
SRS NNLG’s Managing Principals Matthew Mousavi and Patrick Luther and First Vice President Jack Cornell represented the seller, a Southern California-based private developer, and sourced the buyer, a Southern California-based private investor who paid all-cash.
French Valley Marketplace totals 78,000 sf and in addition to the tenants mentioned above, includes Eos Fitness, McDonald’s, Chipotle, and 7-Eleven among others. There are more than 151,000 residents and 22,000 employees within a five-mile radius of the property.
The three properties include:
- A 16,000-square-foot (sf) Grocery Outlet-occupied property located at. The recently developed property opened its doors in late 2021. The store is the anchor to French Valley Marketplace and has a new 15-year lease in place.
- An 11,115-sf new construction property to be occupied by Rite Aid which is anticipated to open late 2022.
- A 5,559-sf property that includes Chipotle and Quick Quack Car Wash which is under construction and is anticipated to open in spring 2023.
“French Valley is a rapidly expanding residential market with growing demand for retail and necessity-based uses,” said Mousavi. “Our team secured an all-cash buyer who saw the value in this well-located, newly constructed shopping center and we were able to secure favorable pricing for the seller on assets that had not yet been completed.”
In 2021, SRS’ Investment Properties Group (IPG) and National Net Lease Group (NNLG) completed more than $3.1 billion in deal volume comprised of 899 transactions in 49 states, and currently has more than $2 billion in property on the market, with more than 465 properties sold year-to-date in 2022.
About SRS Real Estate Partners
Founded in 1986, SRS Real Estate Partners is building upon its retail foundation to provide extensive commercial real estate solutions to tenants, owners, and investors. Headquartered in Dallas, with more than 25 offices in the U.S., SRS has grown into one of the industry’s most influential and respected leaders. Our commitment to excellence is strengthened by our Guarantee of Value and our success is measured in the achievement of our clients’ objectives, satisfaction, and trust.
SRS’ Investment Properties Group (IPG) & National Net Lease Group (NNLG) is a unified platform of seasoned net lease professionals located and transacting nationally with all underwriting and marketing efforts strategically located in Southern California. In 2021, the group completed more than 899 sales across more than 49 states and has over 160 brokerage professionals nationally. From proactive sales to targeted acquisitions and tailored debt and equity solutions, SRS’ National Net Lease Group offers comprehensive services to net lease owners and investors. Superior speed-to-market, world-class marketing materials, a deep investor database and unparalleled retail submarket intelligence from the entire SRS platform allow SRS’ National Net Lease Group to deliver the best possible returns.
